Business and Economy

CBN suspends cash processing fees on large deposits till April 30, 2024

In a circular dated December 11 and addressed to all banks, other financial institutions and non bank financial institutions, the Central Bank of Nigeria has suspended the charging of processing fees of 2% and 3%o previously charged on all cash deposits above these thresholds with immediate effect. This suspension shall remain in effect until April 30, 2024.

This in effect is a reversal of the processing charges imposed on cash deposits above NS00,000 for Individuals and N3,000,000 for Corporates as contained in the “Guide to Charges by Banks, Other Financial Institutions and Non­ Bank Financial Institutions” issued on December 20, 2019, under reference   FPR/DIR/GEN/CIR/07/042 by the CBN

Consequently, all financial institutions regulated by the CBN are to accept all cash deposits from the public without any charges going forward.

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